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( a ) Why is it that discounting techniques are normally used in project appraisal / viability assessment of proposed project. ( b ) Profitability

(a) Why is it that discounting techniques are normally used in project appraisal/viability assessment of proposed project.
(b) Profitability Index is one of the techniques used in project appraisal. As a ratio, what are the variables involved and in the basis of what are the decisions taken under this method of either to accept or reject a proposed project?
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